chapter6 MERCHANDIES INVENTORY.pptVIP

Service Organizations vs. Merchandising Companies Service organizations sell time to earn revenue Examples include accounting firms, law firms, and plumbing services These have been our emphasis up to now Service Organizations vs. Merchandising Companies Merchandising companies sell products to earn revenue Examples include sporting goods, clothing, and auto parts stores These will be our emphasis for the rest of the semester Merchandising Companies Merchandising Companies Inventory Products held for sale Classified as asset Sales Exchange of merchandise for an asset Classified as revenue C